In an article published last week by Barron’s “The Pandemic Is Forcing Retailers to Do What They Should Have Done Long Ago” the author makes a very strong point about how COVID-19 is giving large retailers a once in a lifetime opportunity to close stores that were underperforming even before the pandemic had started. Very likely many of those stores will never reopen again, changing the brick and mortar landscape for the foreseeable future.
Smaller retailers and brands, who rely on high foot traffic areas, must pivot and find their way online to survive. The fact that nonstore retailers saw a month-over-month increase of 8.4 percent when Consumer Spending plunged in April, should should serve as a good indication that it’s time to embrace e-commerce.
Building a steady digital revenue stream requires a different set of skills and processes than before, although there is no “one size fits all approach”, the methodology we follow for most of our clients should serve as a good indication of how to peruse online growth:
1. Data Sources / Discovery / Segments:
3. Measure Narratives:
If you feel that you can’t compete with the larger brands, keep in mind that today’s consumers prefer to buy from brands who have inspiring backgrounds. People today prefer to do business with other people and not corporations. Having a real story to tell has become a huge competitive advantage so don’t be shy, tell your story, manage your narrative, and win.
We are here to help if you need us.
Best of luck.